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PM Mark Carney Announces Elimination of GST on New Homes (www.cpac.ca)
submitted 4 months ago* (last edited 4 months ago) by [email protected] to c/[email protected]
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First time home buyers will not be charged GST (5%) when buying a home, as long as the place they're buying costs less than $1M. This means that people buying a home for the first time will save up to $50k on their purchase.

Edit: Note, GST is mostly only charged when buying newly built homes, so this won't have any effect for people buying used homes.

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[-] [email protected] 5 points 4 months ago

Another part to consider is how house sizes have gone up by a fair margin over the past 50 - 70 years. If you look at old bungalows built after the war they are 1000 - 1500 sqft homes, modern builds (around me at least) are all 2500+ sqft. So part of why homes are more expensive is that we're building more home on each lot (just speaking on fully detached homes here).

A "starter home" isn't really a thing anymore.

[-] [email protected] 4 points 4 months ago

It seems like we have lots of single bedroom starter condos at 500-900 sqft, but I think those are designed to appeal to investors. 😬

I think a lot of people would be open to smaller homes/condos (1200 sqft) if they were affordable and nice.

this post was submitted on 21 Mar 2025
182 points (100.0% liked)

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